Tax Loopholes Cited in Push for NY Campaign Reform

Sunday, Feb 24, 2013  |  Updated 10:59 AM EDT
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Tax Loopholes Cited in Push for NY Campaign Reform

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Advocates for campaign finance reform say new research shows multinational corporations whose offshore tax havens cost New York government $2.4 billion yearly donated $670,000 to the state's legislative candidates in the last election cycle.

  The corporations gave the most campaign money -- more than $396,000 -- to party committees, mainly for majority Senate Republicans and Assembly Democrats.
 
The largest contributors among 11 corporations in the report are PepsiCo and Pfizer at more than $116,000 each. They're followed by banks JP Morgan Chase at $115,000, Citigroup at $109,000 and Bank of America at about $86,000.
 
The advocates, including Citizen Action of New York and Democracy Matters, want New York lawmakers to pass legislation for publicly financed elections with a system for matching small donations.  

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